Business Activity Statements— the dreaded moment all business owners in Australia face. Going through the motions of tax calculation and reporting is mentally, physically, emotionally, and, if you make mistakes, financially draining.
On a good day, reporting your BAS is exhausting as it is. Now add more factors into the mix and you’re looking at gibberish too complicated for your own good you’d wish that there’s someone who can do this efficiently for you, as getting your bookkeeper to do it for you may not be technically legal.
A common issue with a lot of trades people (tradies) is dealing with the horror of the business administration aspect of their business. After spending the day taking care of clients, the last thing you want to do is come back to the office to deal with bookkeeping tasks.
From working with tradies in various industries and helping them with their bookkeeping we know how difficult it can be to find simple software to generate invoices. We have some recommendations that we will discuss later. Continue reading
Business owners have to keep up with a lot of tax reporting. You’ve got your annual personal income tax return and business tax returns, plus BAS documents to report your GST every month or quarter. Gone are the days when you could just plug your group certificate figures into the tax forms and hopefully get some extra spending money back!
The importance of bookkeeping cannot be denied in the world of business. Even businesses that are just starting up recognize the value of setting up an efficient financial recording system as early as possible. The value of this is realized when the information compiled is organized in a meaningful way like a Profit & Loss statement which enables a business manager to make critical decisions regarding the future of the business. As such it is critical that even general data entry is executed in a meaningful and accurate way as the data entry can have a significant impact on reports which become available to owners and managers. Continue reading
Often, the importance of a business’s financial record can be undermined. Many people think that the success of a business lies at the end of the production line and hinges upon effective marketing methods but that’s only partially true. A successful business strikes a balance among all the departments of the business but places a strong emphasis on solid financial management. Here, we’re talking about managing the efficient financial recording of accounting transactions for the typical small business. Continue reading